Britain’s unemployment rate fell to its lowest level since
the mid-1970s as a pre-Brexit hiring surge continued, but workers’ pay rose a
bit less quickly in the first three months of 2019, official data showed this
morning.

The unemployment rate stood at 3.8%, its lowest since early
1975 and down slightly from a previous reading of 3.9%, the Office for National
Statistics said this morning.

Employment grew by 99,000, below the median forecast of
135,000 in a poll of economists.

In the January-March period, total earnings, including
bonuses, rose by an annual 3.2%, slowing from 3.5% in the three months to
February and weaker than a forecast of 3.4% in the poll.

The BoE this month said it expected wage growth of 3% at the
end of this year.

The British currency is at a two-day low, also being dragged
lower by the broader environment, with trade tensions between the United States
and China hurting stocks earlier this week.